Illinois General Assembly - Bill Status for HB2978
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 Bill Status of HB2978 General Assembly


House Sponsors
Rep. Robert Martwick

Last Action
DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/6-235 new
30 ILCS 805/8.43 new

Synopsis As Introduced
Amends the Chicago Firefighter Article of the Illinois Pension Code. Provides that if the City of Chicago issues bonds to be used for the purposes of the Article, the Board shall implement an accelerated pension benefit payment option that allows eligible firemen to elect to reduce their retirement annuity by 25% in exchange for an accelerated pension benefit payment equal to 75% of the present value of the reduction in the retirement annuity, as calculated by the Fund. Provides that the retirement annuity of a fireman who elects to receive an accelerated pension benefit payment shall be reduced by 25%. Provides that the accelerated pension benefit payments may only be made using the proceeds of bonds issued by the city and the total amount of the accelerated pension benefit payments shall not exceed $500,000,000. Requires the accelerated pension benefit payment to be transferred into a tax-qualified retirement plan or account. Contains provisions concerning return to service, rulemaking, and qualified plan status. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.

DateChamber Action
  2/14/2019HouseFiled with the Clerk by Rep. Robert Martwick
  2/14/2019HouseFirst Reading
  2/14/2019HouseReferred to Rules Committee
  2/26/2019HouseAssigned to Personnel & Pensions Committee
  3/6/2019HouseTo Pension Reform Subcommittee
  3/29/2019HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2021HouseSession Sine Die

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